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🥇 Bitcoin sees $621 million outflow as investors react to Fed’s cautious stance
CoinShares’ latest weekly report highlighted a notable shift in crypto investment products, with the sector experiencing its most significant outflows in three months. Last week, investors pulled $600 million from the market, with Bitcoin products bearing the brunt, facing $621 million in outflows. Meanwhile, short-Bitcoin products saw nearly $2 million in inflows, reflecting the bearish sentiment.
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⚫️ Trezor launches new touchscreen hardware wallet with custom expert setup
Trezor has launched the Trezor Safe 5, a new flagship device with upgraded security features and a haptic color touchscreen, and the Trezor Expert, a personalized onboarding service for new users. The Trezor Safe 5 introduces enhanced security and usability for managing digital assets. This new device features a color touchscreen with the Trezor Touch haptic engine, providing a visually engaging interface.
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💰 "A government cannot operate with Bitcoin in the same way it operates with fiat… that is really the ultimate goal of Bitcoin is to just achieve that constraint on government where constitutions and voting have failed."
- Erik Voorhees
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🪙 Ether ETFs Should Be Fully Approved by September, Says SEC Chair Gensler
The final approvals for exchange-traded funds (ETFs) trading Ethereum's ether (ETH) should be finished this summer, U.S. Securities and Exchange Commission Chair Gary Gensler told senators in a budget hearing on Thursday. Gensler told a subcommittee of the Senate Appropriations Committee in a hearing justifying the market regulator's budget that the process is "working smoothly" after the initial approval of a group of ETFs.
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💰 Ripple to use Axelar as bridge protocol for EVM sidechain
Ripple Ledger, the blockchain network backed by the payments firm Ripple, revealed the official name of its upcoming sidechain, calling it the “XRPL EVM sidechain,” and stated that it would launch with Axelar serving as the exclusive bridge protocol. Ripple said that using Axelar would “simplify” the user experience and enhance security, and went on to praise Axelar’s track record and integrations with major projects like Uniswap and Microsoft.
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🇺🇸 US spot bitcoin ETFs see $65 million in net outflows, ending 19-day inflow streak
The 11 U.S. spot bitcoin exchange-traded funds saw a daily net outflow of $64.93 million on Monday, ending their longest inflow streak of 19 days. Grayscale's GBTC led the pack in outflows this week, totaling $40 million. Other funds also saw investor redemptions on Monday, with Invesco and Galaxy Digital's BTCO experiencing net outflows of $20 million, according to data from SosoValue.
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🪙 Spot Ethereum ETFs could capture up to 20% of Bitcoin ETF flows, analyst predicts
Spot Ethereum exchange-traded funds could capture as much as a fifth of the investment flows currently directed towards spot bitcoin ETFs, an analyst said. "Forecasts show that spot Ethereum ETFs could capture between 10-20% of the flows that have been going into spot bitcoin ETFs," Bitfinex head of derivatives Jag Kooner told The Block. However, Kooner said he believes a lot depends on clarification in the future regarding staking being allowed or denied by the U.S. Securities and Exchange Commission for spot Ethereum ETFs.
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JUST IN: 💰 Franklin Templeton CEO expects yet another way of Bitcoin adopters
“This is really the first wave of the early adopters (...) the next wave is the much bigger institutions.”
- Jenny Johnson
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💰 Bitcoin Miner Bitdeer Expands With Acquisition of ASIC Designer Desiweminer
Bitdeer’s (Nasdaq: BTDR) decision to purchase Desiweminer follows a comprehensive ten-month evaluation period, underscoring the strategic nature of this acquisition aimed at bolstering its ASIC design capabilities. Desiweminer, known for its sophisticated chip designs suitable for ultra-fine 4nm processes, will see its team integrated into Bitdeer’s operations in Singapore.
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🏦 Coinbase launches smart wallet with hopes of addressing crypto's 'pain points'
Coinbase is officially launching its new "smart wallet" with the hope of improving the user experience for its clients. "These next-generation wallets address the biggest pain points of the crypto experience today — complex onboarding, network fees, and recovery phrases — making the transition to onchain smoother than ever," the company said in a statement.
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🇳🇬 Nigeria’s interest in Bitcoin unfazed by regulatory restrictions
Despite President Tinubu’s administration’s crackdown on peer-to-peer (P2P) cryptocurrency trading, which has sparked outrage among many young Nigerians, their enthusiasm for Bitcoin remains unabated. According to Google Trends statistics, Nigeria, Africa’s largest cryptocurrency market, is currently the country with the highest interest in Bitcoin (BTC), followed closely by El Salvador.
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🏦 Coinbase Challenges SEC’s Rulemaking Process, Argues for Clear Regulations on Digital Assets
Coinbase, Inc. has escalated its dispute with the Securities and Exchange Commission (SEC) by filing a reply brief in the Third Circuit Court of Appeals, arguing the necessity of clear rulemaking for the digital asset industry. The case underscores the ongoing tensions between regulators and the digital asset sector over compliance and operational standards.
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💰 Bitcoin market split as buying and selling volumes remain the same
Bitcoin's spot trading volumes over the past week reveal intriguing shifts in market activity and sentiment. The price saw notable volatility, peaking on May 25 at $69,270 but then dipping into a stabilization phase. A sharp decline in trading volume coincided with this peak, suggesting market hesitation. Then something intriguing happened—trading volumes began to climb again, with May 28 seeing a significant upswing despite a slight price decline to $68,280.
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🪙 BlackRock files amended S-1 registration statement for upcoming Ethereum ETF with more disclosures
BlackRock filed an amended registration statement for its proposed Ethereum fund, marking the latest move as firms work to list and trade their products. The world's largest asset manager filed its amended S-1 registration statement almost a week after the U.S. Securities and Exchange Commission approved 19b-4 forms for eight Ethereum ETFs, including BlackRock's proposed iShares Ethereum Trust. Issuers still need their S-1 statements to become effective before trading can begin.
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🏦 Coinbase Flags Crypto Talent Drain from US Amidst Regulatory Concerns
The report shows a 14-point decline in developer share over 5 years, though top companies are increasingly adopting on-chain solutions. In a report released earlier this week, Coinbase expressed concerns over the declining crypto talent in the US amidst the ongoing increase in general corporate interest. The largest US exchange highlighted the need for regulatory clarity around the crypto realm to keep the talent within the country.
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💰 Bitcoin falls with equities as markets position for a single Fed rate cut this year
Bitcoin is struggling to recover after the U.S. Federal Reserve suggested on Wednesday it would pencil in only one rate cut this year. The U.S. central bank's more hawkish tones impacted equity markets, and bitcoin has mirrored their downtrend by declining over the past day. Futures ticked lower after this week's Federal Open Market Committee meeting. Dow Jones Industrial Average futures dropped 0.63% and S&P 500 futures were down 0.33% in pre-market trading.
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🇺🇸 US judge approves Terraform’s $4.5B settlement with SEC
A United States district court judge has signed off on the $4.5 billion settlement between Terraform Labs, its co-founder Do Kwon and the Securities and Exchange Commission. New York District Court Judge Jed Rakoff approved the deal on June 13. The deal will see Terra and Kwon pay billions in fines and penalties to the regulator while essentially banning them from the crypto industry.
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💰 Bitcoin miners rise 10% after Trump promises to back US miners
Bitcoin (BTC) mining stocks soared double digits on Wednesday a day after United States presidential candidate Donald Trump promised to bolster mining operations in the country. Trump said he wants “all the remaining Bitcoin to be MADE IN THE USA!!!” adding it would help the country be “ENERGY DOMINANT” in a June 12 post, which came shortly after a meeting he hosted with some of the industry’s top executives.
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💰 Polygon unveils 1 billion POL token program to boost developer engagement
Polygon, the Ethereum layer-2 blockchain, has unveiled a Community Treasury initiative funded with 1 billion POL tokens, which will be distributed over the next decade to drive developer engagement on the network. Polygon has launched the first season of its Community Grant Program (CGP), offering developers an initial 35 million MATIC valued at around $22 million. Future seasons will provide up to 100 million POL tokens as the network transitions from MATIC to POL.
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📊 Crypto on ‘slow and steady’ pace to mainstream adoption – Canaccord Genuity
Mainstream adoption of digital assets has been steadily increasing, driven by significant regulatory advancements and rising institutional interest, according to Canaccord Genuity research. According to Canaccord’s research report, the mainstream adoption of digital assets is anticipated to continue driving growth in the sector, with Galaxy Digital well-positioned to capitalize on these evolving trends.
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🟠 Former US prosecutors urge State Secretary to rescue detained Binance exec in Nigeria: report
Over 100 former federal prosecutors and federal agents joined forces to urge the prompt release of detained Binance executive Tigran Gambaryan in a letter sent to Secretary of State Tony Blinken, first seen by Axios. Gambaryan, who is also a former federal agent, has been held hostage in “deplorable conditions” for about three months without proper assistance to seek legal or medical help despite his declining health, according to the letter.
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💰 Bitcoin accumulation addresses surge as market optimism returns
Recent data from Glassnode indicates notable movements in Bitcoin accumulation addresses. The number of these addresses declined earlier this year, and a resurgence started in late April. This increase aligns with broader market optimism and Bitcoin’s price stabilization around $60,000. According to CryptoSlate, long-term holders have added nearly 70,000 BTC since the cycle’s bottom, reversing a previous divestment trend.
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🇺🇸 SEC chair Gensler says spot Ethereum ETF launch timeline depends on applicants’ speed
SEC chair Gary Gensler said the timeline for spot Ethereum ETF launches depends on how quickly applicants respond to the regulator’s questions and comment on reasons for approvals. Past reports suggest that the SEC will comment on recently amended S-1 registrations from eight spot Ethereum ETF issuers. The applicants will then file further amendments before launching each product.
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🪙 VanEck analysts raise Ethereum price target to $22,000 by 2030
Analysts working at U.S investment firm VanEck, which has applied to list a spot ether ETF, said they have raised their 2030 price prediction for Ethereum to $22,000. "We've raised our 2030 ETH price target to $22,000, influenced by ether ETF news, scaling progress, and our read of onchain data," VanEck posted to X on Wednesday with a link to the report authored by Matthew Sigel, Patrick Bush and Denis Zinoviev.
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🟠 Binance to restrict 'unauthorized' stablecoins in EU starting June 30, urges users to switch to regulated tokens
Binance, the world's largest cryptocurrency exchange by trading volume, announced it will soon restrict availability in the European Union to stablecoins that are considered "unregulated" by the EU. In a statement, Binance said the rules for stablecoins outlined in the EU's Markets in Crypto-Assets Regulation (MiCA) will come into effect at the end of June.
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💰 FTX offloads remaining Anthropic shares as bankruptcy cost surpasses $700 million
FTX sold the remaining 15 million shares for about $30 each, netting over $450 million in proceeds. That brings the total haul from FTX's original $500 million investment in the company to about $1.3 billion, for a profit of around $800 million. The price per share for this second sale was the same for the first sale back in March.
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🪙 ARK Invest no longer a partner with 21 Shares for proposed spot Ethereum fund
ARK Invest will no longer be a partner with 21Shares for a proposed spot Ethereum fund, according to an amended registration statement filed late Friday. In a newly amended Form S-1, previously named Ark 21Shares Ethereum ETF was changed to 21Shares Core Ethereum ETF. A spokesperson for 21Shares confirmed the change in an emailed statement to The Block.
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📊 Stablecoin Market Cap Hits $161 Billion, Reaches Two-Year High: CCData
In May 2024, the stablecoin ecosystem rebounded, achieving a market capitalization of $161 billion, marking a 0.63% increase from the month’s outset. While the stablecoin market has been surging, its dominance slightly dropped from 7% in March to 6.07% this month. The fall was due to crypto assets recovering in price after the unexpected spot Ethereum ETF approval in the United States.
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🪙 Proposal for Hashdex's Ethereum ETF has been withdrawn
A proposal to list and trade shares of the Hashdex Nasdaq Ethereum exchange-traded fund has been withdrawn, according to a filing posted this week. Nasdaq posted a notice of withdrawal on Tuesday, a week after the U.S. Securities and Exchange Commission approved 19b-4 forms for eight Ethereum ETFs, excluding Hashdex. "On May 24, 2024, the Exchange withdrew the proposed rule change," according to the filing.
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